Economic Vision: Sudan Trade Balance Deficit

The balance between imports and exports gives an indication to the economic future of the countries, Sudan 2019 budget has drawn attention to the rate exchange and prices instability.
Sudan is rich of resources, the volume of exported products totaled to US$ 3 billion while the imported products reached to US$ 8 billion, so US$ 5 billion is the deficit, the gap is so big, but it can be bridged, because Sudan economic potentials is diversified, a lot of things to be exported to make balance, It is to be noted that Sudan’s most important export is gold which represents 70% of total exports, the second most significant revenue is livestock which occupies 25% also the export list includes: oil Arabic gum and cotton.
While the major imported goods are manufactured goods, transport equipment, medicines and chemicals, these products cost billions of US dollars, this the image of the trade balance, how to change the trend of trade exchange to expand the volume of exports and to minimize the list of the imported goods is the only challenge, austerity measures were adopted and incentives were given to the international companies to invest in transformative industries. But the trade policy is shocked by unclear regulations.
Many factors and barriers set by Sudan anti lobbies and groups to assume the unilateral economic sanctions imposed by US in 1997 to press the government, the sanctions was lifted by Trump in 2017, but it still hinders the trade exchange process.
The only way out towards good trade balance is by removing Sudan from the list of countries banned by US financial bodies, trade exchanges depends totally on money transactions and currency exchange through banks, I think the government required to improve Sudan international financial relations, a serious talks with the Office of Foreign Assets Control OFAC which associated to the US treasury, all countries that subjected to US economic sanctions signed an agreement or took a license from OFAC to import and export goods and services, also the government must be fair and transparent.

Mohamed Abdalla

Mohamed Abdalla

Economic Vision Email: moabd31@yahoo.com

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